Loan Market Association update
The Loan Market Association (LMA) has made several announcements recently.
A recommended form of intercreditor agreement for REF transactions has been issued, together with a users’ guide. The agreement, which is for use in connection with the LMA’s facility agreement for multi-property investment transactions, is primarily for use in a transaction where senior and mezzanine creditors are providing finance to the same borrower or borrower group.
The agreement assumes a corporate, loan and guarantee, security and subordination structure. As with all LMA documents, the agreement is intended to act as a starting point for drafting the legal documentation for relevant REF transactions, and will need to be tailored to particular circumstances…
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